ASK FREE GOODS & SERVICE TAX(GST)/ INCOME TAX ADVISE FROM AJAY GULATI , CA

Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 Land-Line : 011-49539335 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 Dear Mr Ajay I am salaried person employed with a software company in Bangalore. I stay with my parents and the house is owned by my father. My father is also earning decent income.  Can I Pay rent to my father and claim House Rent Allowance ( HRA) in my tax compuation.  My office has previously asked for proof of rent .  It HRA receipt is sufficient or something more is required. Anu REPLY House Rent Allowance paid by the company is subject to provision of Sec 10 (13 A) and you can get exemption from under it , if you stay in rented house .  It is immaterial that who is the owner...

Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 Sir I am a Software Consultant and earning income from outside India. My Yearly Receipt for the previous year 2016-17 is about Rs 20 lacs. I also have one E Commerce business duirng the same period and has earned about Rs 2.5 lacs I also have interest income and Capital Gains on Share income. I wish to opt for Presumptive Taxation under the Income Tax Act.  Please guide. Ram Kumar Reply Dear  Ram You can adopt presumptive taxation under section 40 ADA ( Software Consultancy) and your taxable income from profession shall be @ 50% , that is Rs 10 lacs.   The section is applicable up to a Limit of Rs 50...

Ajay Gulati Chartered Accountant. Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 Land-Line : 011-49539335 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 QUERY ASKED Hi, I bought a house in 2007(September) @ 8,95,000/- in which the builder has made a sale deed for 4,79,500.00 + an agreement of construction for 1,00,500.00 + additional agreement for improvement of house for 3,15,000.00. Now in 2017 (January) I sold that house for 15,10,000.00 and incurred a brokerage of 60,000.00.   How much tax I should pay for this capital gain, if any? REPLY All of Rs 8,95 lacs be taken as cost of acquisition and improvement and then the same be increased by Indexation . Then from Indexed Cost of Acquisition and imp...

Ajay Gulati Chartered Accountant( CA) Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 Land-Line : 011-49539335 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 Query asked on  Hi, I have a credit card with 3L limit and its generally used by my friend on an average of 2L per month. Then he pays it directly to my card. I don't prefer that same to get transfer into my bank accounts. Roughly it gets to 18-20L per year. I am a salaried person working with a private company. My salary is 18L per annum. Does the transaction by my friend from my card will be considered as mine. How to show that while filing tax that the spends done by my friend and not mine. Please ADVICE. Reply Principally you should not allow this as this co...

http://ajaygulaticamalviyanagardelhiindia.blogspot.in Ajay Gulati & Co C-66 Shivalik, First Floor New Delhi-110017 Mobile     :9811079215 Land-Line : 011-49539335 E Mail :   ajaygulati.ca@gmail.com GOOGLE MAP LOCATION LINK https://www.google.co.in/maps/place/Ajay+Gulati+%26+Co.+Chartered+Accountants/@28.539851,77.212274,15z/data=!4m5!3m4!1s0x0:0x1713678e51acff4a!8m2!3d28.539851!4d77.212274 QUERY posted on www.charteredclub.com My mother who is 70 years and files return, sold her ancestral gold this financial year for Rs 4.5 lacs and received payment by cheque. We don't have purchase bills, how will the tax be calculated? Hi The Tax on the Gold sold shall be calculated as Long Term Capital Gains tax. For this purpose the fair value as on 1-4-81 has to be taken ( which is Rs 1670 per 10 gm) as its Cost of Acquisition The cost shall be further adjusted up by Indexation as per income tax act. From this cost , the sales value shal...